In a surprising turn of events, the U.S. Securities and Exchange Commission (SEC) has canceled its closed-door meeting initially scheduled for today, July 18. The XRP community anticipated this meeting because it was stated it could address the Ripple Lawsuit, and the SEC revised the cancellation notice on the website on Wednesday, July 17.
The called-off meeting became the subject of discussion among the XRP community as they had pinned their hopes on this meeting to bring a solution to the SEC vs Ripple case. Initially, all the top commissioners and officials of the SEC were supposed to attend the meeting, which was slated to discuss four main items: the disposition of administrative proceedings, handling of litigation claims, and others.
Also Read: Ripple Cites Recent Binance Ruling in Ongoing SEC Battle
Ripple’s Ongoing Speculations and Legal Debates
The inclusion of settlement discussions on the agenda had fanned speculation that the SEC would eventually strike an agreement with Ripple. Yassin Mokhtar, the pro-XRP founder of Dizer Capital, thoroughly discussed the probability of a settlement in the past. In response, a former SEC lawyer, Marc Fagel, noted that speculations regarding SEC’s behind-closed-doors meetings were constantly recurring. However, Fagel stressed that the SEC has conducted about 150 behind-the-scenes meetings virtually, held weekly since the Ripple case escalated. On each of these occasions, crypto community members anticipated talks around the settlement, which turned out to be baseless, time and time again.
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The argument concerning the correct penalty for Ripple’s violation of securities laws proceeds, aside from the rumors of Ripple’s settlement. The SEC is seeking a stiff penalty of $2 billion; on the other end, Ripple has said that $10 million would be more appropriate. All these arguments are pending the consideration of District Court Judge Analisa Torres. Legal analysts have noted that the final verdict could be out by the end of the current financial year by July 31.
Canceling the SEC’s closed-door meeting has left the XRP community in suspense. The protracted legal struggle between Ripple and the SEC has sparked extensive speculation and debate. As the case unfolds, the cryptocurrency sector closely monitors any developments that could indicate a resolution. The anticipation remains high, with various outcomes having far-reaching consequences for Ripple and the broader cryptocurrency market.
Also Read: Ripple CEO Warns U.S. Risks Lagging in Global Crypto Race Amid Regulatory Uncertainty
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.